You just found out that you have $3,310.7 in a savings account. Your uncle opened the account in your name exactly 6 years ago, and deposited $X in the account. Then he put in another $755 three years after opening the account. Other than $X and the $755, there were no other deposits. If the interest rate for the past 6 years has been 6%, what is X? (choose the closest number)
Group of answer choices
$1,604.5
$1,648
$1,700
$1,722.45
Let X be the principal deposited. For 6 years, interest is earned on $X. For 3 years, interest is earned on $755.
Thus, 3310.7 = X (1.06)^6 + 755 (1.06)^3
Solving this, X = $1700
You just found out that you have $3,310.7 in a savings account. Your uncle opened the...
You just found out that you have $1,307.17 in a savings account. Your uncle opened the account in your name exactly 6 years ago, and deposited $X in the account. Then he put in another $240 three years after opening the account. Other than $X and the $240, there were no other deposits. If the interest rate for the past 6 years has been 6%, what is X?
You just found out that you have $539.74 in a savings account. Your aunt opened the account in your name exactly 6 years ago, and deposited $X in the account. Then she put in another $58 three years after opening the account. Other than $X and the $58, there were no other deposits. If the interest rate for the past 6 years has been 4%, what is X? (choose the closest number) $396 $386 $375 $351
You opened a savings account seven years ago and deposited $1,500 at that time. Five years ago, you added another $1,200 to the account. Today, you deposited an additional $600. The rate of return is 6 percent compounded annually. How much was your account worth at the close of business today? a. $4,416.14 b. $4,461.32 c. $4,497.32 d. $4,961.98
Exercise 3_no4 (FV annuity): Your parents have just opened a savings account for you. Starting today, they plan to make monthly deposits of $200 for the next 10 years (120 deposits) into the account. Assume the account earns 0.5% interest per month. What will be the value of your saving account after 10 years?
Pei's savings account balance is $12,000 today. Pei opened the account exactly 7 years ago with a $10,000 deposit. Pei has made no other deposits or withdrawals. What annual interest rate (compounded annually) has the account earned? (Enter your answers as a decimal rounded to 4 decimal places, not a percentage. For example, enter 0.0843 instead of 8.43%)
Your parents opened a savings account for you where they plan to make monthly deposits of $200 for the next 10 years, starting with a $200 deposit they made today. Assume the account earns 0.5% interest per month. What will be the value of the account in 10 years?
Assume you opened and deposited $1000.00 into a savings account that pays 4% per annum. If the bank compounds interest annually, how much will you have in your account at the end of 3 years (assuming no deposits or withdrawals are made for 3 years)? Find the balance if the bank compounds interest quarterly under the same conditions. Find the balance if the bank compounds interest continuously under the same conditions.
"You have $13,200 in a savings account that has been paying 6.3% interest, compounded week . you made one de o t when you o years ago and made no other deposits after that, how much did you initially deposit in the account? Assume 52 weeks per year." ene the account exact
You are considering two different strategies for a savings account that you intend to close exactly 30 years from today. For Strategy 1, deposit $200 per month for 5 years (first deposit today; last one exactly 5 years from today); no new deposits will be made after the end of the deposit period, but interest continues to accrue until the account is closed. For Strategy 2, you’ll make your first monthly deposit exactly 5 years from today, each monthly deposit...
Four years ago, you opened a mutual fund account and made three deposits ($200 four years ago, SX three years ago, and $300 a year ago) where you earned varying interest rates according to the following diagram. Today, your balance shows $1,000. Determine the amount of deposit that was made three years ago (SX). See the following figure (a) $215 (b) $237 (c) $244 (d) $259 F $1,000 6% 8% 12% 15% -1 0 $200 $300 Four years ago, you...